Today...
The Yellen effect pic.twitter.com/ogQgxINN2r [10]
— Morris Cabrioli (@insidegame) December 14, 2015 [11]
Today's focus was on credit markets - rightly - as the contagion spread to IG markets...
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But it started when China devalued the Yuan yet again...for the 6th day in a row - and in growing size - PBOC fixed the Yuan weaker to its weakest since July 2011
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And The National Team stepped in to save Chinese stocks again...
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The equity market "went nuts" just after 10am ET this morning with a wild algo seeming wreaking haov in S&P Futures and the VIX ETF complex...
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But, despite the carnage in credit, VIX was crushed in an effort to prove to 'mom-and-pop' that everything is awesome...
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But USDJPY did the heavy-lifting as stops were run to 121...
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Leaving stocks soaring into the close (Trannies and Small Caps remained red)...
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Year-to-Date, it's ugly with only Nasdaq holding any gains...
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And the last time this kind of vol hit, The Fed folded...
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Trannies entered a bear-market (down 21% from the highs)...
Stocks and credit did not agree...
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Treasury yields rose notably today (China selling? or liquidation flows from bond redemption requests)
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The US Dollar closed unchanged against the majors - dumping into the European close and rallying all the way back this afternoon...
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Commodities were mixed today but as the USD rallied after Europe's closed so they all leaked lower (despite crude's exciting algo ramp this morning)...
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Crude prices rebounded... running stops at the lows and highs...
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After Speculative crude shorts hit a new record high...
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Charts: Bloomberg